DTN Grain Open: Declining Oil Prices Weigh on Soybeans

6:00 a.m. CME Globex: March corn was down 3 1/4 cents, March soybeans were down 7 3/4 cents, and March Chicago wheat was down 3 3/4 cents.

CME Globex Recap: March soybean were down 7 3/4 cents early Friday, pulled down by new overnight lows in palm oil and soybean oil futures. Corn and wheat are also lower after Thursday’s turn from recent highs while the news remains mostly favorable for crops in South America.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed up 7.91 points at 20,619.77. The NASDAQ Composite was down 4.54 points at 5,814.90 and the S&P 500 was down 2.03 points at 2,347.22 Thursday. DJIA futures were down 62 points early Friday morning.

The U.S. dollar index was up 0.16 at 100.66 while the euro was down 0.00280 at 1.06570. March 30-year T-Bonds were up 19/32nds at 151’13 while April gold was up $1.00 at $1,242.60. March crude oil was down $0.38 at $52.98 while Brent crude was down $0.51 at $55.14. Soybeans at the Dalian Exchange are lower overnight and Malaysian palm oil futures were down 2.4%.